Sushi plans to launch decentralized derivatives exchange Susa on Layer N

Decentralized finance firm Sushi intends to launch a decentralized derivatives platform called Susa on Layer N, an Ethereum Layer 2 attempting to replicate certain aspects of centralization for decentralized platforms.

Susa builders will be able to create custom applications on top of the exchange, spanning from smart contract applications to full-fledged rollups, according to a statement. It will use Layer N’s Nord Engine to enable thousands of transactions under one millisecond, with the ultimate goal of rivaling centralized exchanges in performance.

“Sushi is excited to partner with Layer N, as we fully embrace the spirit of decentralized finance by combining our expertise to develop superior products,” said Sushi’s Head Chef Jared Grey.

“Layer N’s modular approach to rollups unlocks greater capital efficiency and deeper liquidity, all while leveraging the security of Ethereum,” he added. “This approach aligns perfectly with the modular network strategy gaining traction in the DeFi space, making Layer N one of the best technology stacks to build on.”

Layer N is a network of rollup nodes, dubbed an “Ethereum StateNet,” that share a communication and liquidity layer, according to its website.

Layer N’s mainnet is expected to go live sometime this month. In a test run, the platform handled 20,000 transactions per second with a peak of 120,000 TPS.

Layer N raised $5 million in seed funding co-led by Founder’s Fund, a venture firm founded by former PayPal CEO Peter Thiel, in September 2023, The Block previously reported.